For business owners, maintaining a safe workplace has never been more important. For, as the data shows, firms are increasingly leveraging effective safety management protocols to gain a competitive advantage in their respective industries.
More than anywhere, that competitive edge comes out of the expense side of the ledger. Here, the cost (both indirect and direct) of safety incidents can be paralyzing, ultimately even business-ending. The federal regulator, Safe Work Australia reported that the median payout for a serious worker's compensation claim stood at AUD$11,500, which was a 39 percent year-over-year increase. Indirect costs also soared: the median time lost for a serious claim jumped 32 precent, in the same time period.